Student finance

Making the most of student finance

If you are experiencing a mental health difficulty, you might find that you feel isolated or anxious about your ability to manage your finances.

​You may also feel unable to make informed financial decisions and you might be incurring treatment costs (according to NASMA, the National Association of Student Money Advisers).​Managing your finances as a student can itself be difficult without the addition of mental health difficulties, however there is a lot of support from your university that you can access as well as support from external organisations.

Working out where you are with your money

What's coming in?

Students experiencing mental health difficulties may be eligible for various financial support as well as the finance available to all students. Typically, the financial support you receive depends on the severity of your mental health difficulties, not your household income, and it doesn’t have to be repaid.​

Student finance (home and EU students):

Money Saving Expert have a guide which busts many common myths about student finance.

Students experiencing mental health difficulties may be eligible for DSA.

Students experiencing mental health difficulties may not identify as disabled; however, experiencing a mental health difficulty can be disabling and compromise your access to education - something which is your right as much as anyone else’s.

According to UMHAN, some things that DSA could be used for are: any specialist equipment required for studying (e.g. a dictaphone to record lectures; assistive software); a non-medical helper like a mentor or support worker; extra travel costs incurred as a result of a mental health difficulty such as attending therapy as well as any other costs incurred due to your mental health difficulties.

For more information about DSAs, how to apply and who is eligible, see here.​

Hardship funds:​

Students experiencing mental health difficulties who experience unexpected financial hardship may want to consider applying to their university hardship fund; information about the particular funds available at your university can be obtained from Student Services.

​Mental health disclosure to your university

Choosing to disclose a mental health difficulty to your university can be a difficult and daunting decision. However, there are resources and support to help you with this decision - see the UMHAN ‘I chose to disclose’ blog and video.

What's going out?

Try tracking your spending for a week or a month, so that you know how much you’re spending, and on what.​

Once you know your sources of income and have a picture of your outgoings, you could try creating a budget.

If you are experiencing a mental health difficulty and choosing to take medication, you may be incurring prescription costs. Students are typically eligible for free prescriptions under the NHS low-income scheme.

Lifestyle

You might find sticking to a budget quite daunting. However, there are lots of ways that you can try to save money and stick to a budget:

Check out Lisa’s blog where she talks about the things that she found helpful when managing her finances at university.

Why not try cooking delicious (and cheap) meals with friends or have a #BestNightIn rather than going out?

​Who can you talk to?

If you are struggling with your finances and mental health at university, starting a conversation can be incredibly helpful, but at the same time daunting.

Most universities have:- Student Services or similar, where you can access support for your mental health as well as your finances;- A Counselling Service and/or Mental Health Team, which you can access in addition to support you’re entitled to on the NHS;- Money advisers, you can check if your university does here.

You might also like to talk to your friends about any difficulties you are experiencing. As well as being a great source of support, perhaps together you could make adjustments to your lifestyles to save money - such as by cooking together, rather than going out to eat or having a movie night at home rather than going to the cinema.

For tips on having a conversation with a friend, see our website here.

Gambling

A 2013 survey by Save the Student indicates that as many as 20% of students surveyed have gambled in an attempt to make money. The charity Gamcare say ‘remember that gambling should be about entertainment and having fun. It's not a way to make money, it's not a way to get rich quick and it's not a way to get out of debt’.

If you feel that you are experiencing difficulties with gambling, you can contact GamCare’s confidential helpline on 0808 8020 133, 8am to midnight, 7 days a week or access free counselling through GamCare.​

Further support

​For staff

We spoke to staff at the NASMA conference, who told us that they would like more information about supporting students with mental health difficulties who may also be experiencing financial difficulties.

It’s important to remember that the intersection of experiencing mental health and financial difficulties may present unique challenges for students. Take a look at our the 'Find Support' section of our website for information on how to listen supportively to students and how to signpost them to further support.​